March 21, 2022: Ellipsis Unum Annum
Ellipsis concludes 52 week $EPS airdrop, announces $EPX tokenomics
Ellipsis Finance, the BSC friendly fork of Curve, completed its 52 week airdrop last week. Anybody who has a stake in the Ellipsis airdrop has until the end of the month to claim your airdrop. We’ve put together a short guide on claiming towards the end of the article.
About Ellipsis
When Ellipsis launched last year, it was a wild time in DeFi. Money was appearing out of thin air. Ellipsis announced an unheard of 52 week bonanza for veCRV stakers. At the time of its launch, the $EPS token briefly traded as high as $7, distorting perceptions of the giveaway and allowing anybody who dumped quickly to rake in a windfall.
However, reality would quickly set in, and the token would quickly fall below $1 where the token would settle for most of the next year.
After the early frenzy, Ellipsis would fall off people’s radars just as quickly. Several factors tamped down enthusiasm, including a drop in the $EPS price, the fact that the airdrop quantity declined linearly, a broader bear market for DeFi, and a series of Binance Smart Chain hacks.
Just as good teams do during rough times, the Ellipsis team kept grinding. Their version of 3pool, containing BUSD along with the BSC version of USDC and Tether would hold somewhere on the order of half a billion in liquidity and consistently trade about a million per day, becoming a rare source of stability on the otherwise rug-laden chain.
Earlier this year they released the Ellipsis Factory, which allowed permissionless creation of pools trading assets like stablecoins, wrapped Bitcoin, or BNB. Several familiar DeFi names would make use of these factory pools on BSC. Trading activity on Ellipsis continued, with over $26B worth of trades happening on Ellipsis since its inception.
To mark the end of the airdrop, Ellipsis announced the launch of Elipsis v2.
Within the next few weeks, Ellipsis will be phasing out their $EPS token and rolling over into $EPX. $EPX will have a 1.5x higher supply, with a generous chunk dedicated for holders of $EPS.
In the shift to $EPX, the emissions rate will also be adjusted to a longer window, although the emissions will become infinitesimal after about 30 years.
Migration will not have a time limit. Furthermore, users who did not claim their $EPS at a penalty will have the ability to roll over the full amount to $EPX.
Announced plans for Ellipsis v2 include some of the reward gauge voting Curve users have come to appreciate:
Reward gauge voting
Reward weight voting
Reward boost
For more info visit the Ellipsis Telegram or Twitter.
How To Claim
Since Ellipsis launched, so too has the complex flywheel sprung up around Curve. If you’ve converted your $CRV to various other versions, you still may benefit from this airdrop.
veCRV
If you have a balance of veCRV, you can check your claim directly on the Ellipsis site.
If you have an amount to claim, this can be done directly on the site. This requires claiming individually for all 52 weeks. On the relatively centralized BSC, this costs about $.50 per claim in $BNB, so smaller claims may have to decide whether they feel it’s worthwhile to claim.
If your time is worth a lot of money and it’s not worth your while to click the button 52 separate times, you can do it programmatically too. The Llama Airforce open sourced their script to batch harvest EPS so you can run this easily with a minimum of Brownie knowledge.
cvxCRV
If you trusted your $CRV to Convex, you have a much easier run of things. Directly on the Convex claim page, you can expand the “Airdrops” dropdown to see a summary of all 52 weeks, as well as a button to claim all at once if you have a balance.
Elsewhere
Members of the Union have it even easier. The Union handles the dirty work on your behalf, making it a great option for users concerned about gas fees. Sure enough, if you handed the Union your $CRV for the closing weeks of the airdrop, they autoharvested all the $EPS and converted it on your behalf, announcing a 0.5% bump to your bottom line.
For users of Yearn and StakeDAO, these were resolved closer to the time when the price was juicier. The $EPS airdrop was the subject of YIP-60 which was subjected to a dust attack. It would ultimately be used to acquire more CRV and spread to the community. StakeDAO also resolved this in a prior governance proposal, opting to yield farm the amount.
Disclaimers! Author claimed $EPS in just about the wrong way at every juncture.
Anyone have an idea how to get BNB to claim this airdrop off convex on binance?